Altcoins
Bitcoin and altcoins: An unexpected recovery!
Sun June 23, 2024 ▪ 3 min read ▪ by Mikaia A.
Traders, hold on: Bitcoin has just played an unexpected trick by stopping its decline, while altcoins are posting modest gains. This turn of events could well reignite enthusiasm in the crypto markets. As Bitcoin stabilizes its fall, what is really happening in the cryptocurrency market? Here is a captivating overview to understand this dynamic and the performance of altcoins.
Bitcoin: a break in the free fall
Yesterday, Bitcoin dangerously flirted with its lowest level in five weeks, reaching $63,400. However, the bulls managed to regain control and within 24 hours the situation stabilized.
Currently, Bitcoin hovers around $64,000, giving investors a respite despite a 0.3% drop recorded in 24 hours. The futures market, also choppy, saw liquidations totaling $27 million, a modest amount compared to previous days, reports CoinTurk.
The long/short liquidation ratio remains balancedindicating that buyers and sellers are trying to readjust their positions.
This unexpected break in Bitcoin could signal a period of stabilizationbut caution is always required.
Alternative cryptos or “Altcoins”: modest but encouraging gains
On the altcoin side, the situation is less spectacular but remains positive, notes CoinTurk.
The gains recorded are modest, with XRP up 0.6%, SHIB by 1.3%, SOL by 0.5% and ETH by 0.86%. However, some projects stand out.
Cardano (ADA) jumped 3.7%, while Toncoin (TON) recorded an impressive 6% rise, confirming itself as the altcoin leader.
Other notable performances include AVAX (+3%), PEPE (+4.12%) and MATIC (+3%). Among the top 100 cryptocurrencies, JASMY stands out with an increase of 11%, followed by BRETT (+7.7%) and Kaspa (KAS).
Conversely, Fetch.AI (FET) disappointed with a drop of 4.4%, highlighting the disparities in the performance of altcoins.
At the time of writing, these cryptos have all turned red except for Toncoin and Cardano.
The future of Bitcoin and altcoins remains uncertain, raising crucial questions on the stability and future direction of the crypto market.
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Mikaïa A.
The blockchain and crypto revolution is underway! And the day when the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.